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2/21/14
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DaVinci Court Apartments, a 51-unit student housing asset in Davis, recently sold for $10.8 mil, or about $211.8k/unit. Built in 2005the property is located on just under 2.5 acres at 1666 DaVinci Ct, within walking distance of the UCD campus.
The four-story DaVinci Court Apartments features studio, two-, three- and four-bedroom floor plans. More than 60 percent of the units have four bedrooms and 85 percent contain two or more bedrooms. Amenities include built-in microwave ovens, washer and dryer connections, private balconies, patios, covered parking, a study lounge with wireless Internet, a swimming pool and a spa.
Peter Flis, a first vice president investments in Marcus & Millichap’s Sacramento office, represented the seller, Yolo Boundary LP. Adam Levin, a vice president investments, and Robert Johnston, a senior associate, both in the firm’s Palo Alto office, represented the buyer, Tilden Da Vinci LLC.
“Davis is one of the strongest rental housing markets in the United States,” says Flis. “The 15-year historical vacancy rate average is just 1.7 percent.”
“The area’s long history of low vacancy is a result of high demand created by expanding enrollment at the University of California, Davis (UCD), the high costs of land and development and the city government’s growth restrictions,” adds Johnston.
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